Meadow Partners buys $20.75M note secured by Zaccaro’s Soho rental

Meadow Partners bought a note with an original principal of $20.75 million from Customers Bank secured by John Zaccaro Jr.’s 11-unit rental (D9) at 73 Sullivan Street in Soho, Manhattan.
The deal closed on April 20, 2021 and was recorded on May 11, 2021.
Meadow and Zaccaro have been actively recently. Meadow Partners was a partner with Tribeca Associates and turned over the keys to the Moxy NYC Downtown hotel, as PincusCo reported yesterday. Hirshmark Capital also bought a $4.95 million loan secured by a Zaccaro building. And Zaccaro recently refinanced a Soho building with a $19.4 million loan from Columbia Pacific Advisors.

The 73 Sullivan property has 32,125 square feet of built space according to PincusCo analysis of city data.
(121329687)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 11 residential units on May 3, 2016. (121329687) Plans for a 11-unit, 25,952.0 square-foot R-2 were filed on February 6, 2013.
Meadow Partners bought the loan from Customers Bank with an original principal of $20.75 million. Meadow then collaterally assigned the loan back to Customers Bank.
The owners according to the Department of Housing Preservation and Development includes John Zaccaro, head officer and Felix Santiago, site manager. The business entity is 73-75 Sullivan Partners, Llc.

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